Question

The simple interest on a certain sum of money for 2 years at 10% per annum is rupees 1600. find the amount due and the compound interest on this sum of money at the same rate after 3 years ,interest being reckoned annually (without formula) please answer it fast with full solution.it's urgent!!!!!

Answer 1

Given that simple interest = 1600 when n = 2 and r = 10%

i.e. 1600 = P(2)(10)/100

P = 8000 rupees.

Now this 8000 rupees is invested at compound rate for 3 years at 10%

Here it is compounded annually and hence formula would be

P(1+r/100)^3

Hence amount received at the end of 3 years

= 8000(1+\frac{10}{100})^3 =106488000(1+

100

10

)

3

=10648

COmpound interest = 648 and

final amount received = 10648 rupees.

Step-by-step explanation:

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